Trading forex in your spare time? Why not?
A lot of people believe that trading Forex takes so much time to examine the market and to classify trading opportunities. It is supported by the belief that they need to learn Forex basics which hold numerous terms and rules. However, the 24 hour nature of the Forex market can actually make it possible for you to trade even when you do other businesses outside.
How to Trade Foreign Exchange in Your Free Time
Considering that you have 24 hours a day, you must have overlap hours between your spare time and the Forex market. Regardless your busy schedule, there are actually trends in the Forex market that you can benefit of with at least 30 minutes of invested time only per week. To help you, here are a few ways to approach the market in your spare time.
• Employing Simple DNC Breakout Strategy
Simple DNC Breakout is one of strategies that you can employ to trade Forex within your spare time. This strategy is a good choice because the tools used in identifying trades are quite intuitive in the point that someone who has never traded previously will find it helpful. Then, how can we use this strategy when we cannot watch the Forex market constantly?
• The Essence of Simple DNC Breakout
The fundamental nature of this approach is that a trader is going to place orders to enter the Forex market at a strategic price point. If the Forex market trades via these prices, it will become a hint for traders to go into the trade. Then, your broker is going to take care of your entry and exit in the market automatically.
In this case, the strength of this approach will actually depend upon the trend’s strength. Since stronger trend is the better, you would like to employ the strongest trends when applying this strategy. Moreover, if the strategic price points are achieved, you would want to go into the trade in the course of the strong trend indeed.
• The Advantages of Simple DNC Breakout
There are actually two significant advantages to this kind of strategy. First, you don’t have to baby sit the trades. You just need to set orders to enter the
Forex market at particular prices then simply allow the market take you into the trades at the given strategic prices. This strategy is perfect for you who cannot sit in front of your PC all day.
Next, this strategy is useful to keep you away of losing trades. You may still get losing trades. Nevertheless, it happens often where you are going to be wrong on a decision but you never actually enter the trades. Since you set trades in a strategic price point, you won’t enter when the market is not triggered and you will be away from losing trade.
• Necessary Tools for Simple DNC Breakout
To utilize this strategy, you won’t need so many tools to prepare. You will only need a price chart which is set in daily bar, a strong trend, DNC indicator and 30 minutes to spot strategic price points. To begin with, open up a currency pair’s price chart which is in a strong trend. You can consider currency pair like AUD/USD at this point.
Then, put in the DNC indicator to your chart to measure the lowest low and highest high price. After that, you can continue recognizing the strategic price points. What do you think? By using this strategy, it is possible for you to learn Forex and trade Forex in your spare time. You can still place a trade without leaving the other activities you have.